Money is the standard of exchange by which any type of goods can be purchased

The group responsible for deciding on monetary policy is the

A) Federal Advisory Council. B) Board of Governors only. C) Federal Open Market Committee. D) group of 12 Federal Reserve Bank presidents only.

Two firms are introducing an improved version of their toothpastes. They must decide whether or not to advertise their products. The table above gives the payoff matrix in terms of the economic profits they expect in each case

The payoffs are in terms of millions of dollars. a. What is the Nash equilibrium for the game? b. If they could cooperate, what strategy would they prefer? What would be the payoff?